PLEASE SHOW ALL EXCEL FORMULAS ABC Company was preparing the annual financial statements and, as part of its year-end procedures, prepared the following schedule based Asset Cost Residual Value Remaining Life Accumulated Depreciation $20,000 $1,000 Furniture $500 3 years Recoverable Amount $10,000 $500 $90,000 $35,000 Depreciation Method Straight Line Double Declining N/A Straight Line $25,000 $2,000 $105,000 $90,000 5 yeas Computer Land N/A Unlimited Machine $25,000 $5,000 3 years N/A = Not applicable Required 1. Record the entry for any impairment loss assuming that ABC Company recorded no impairment losses in previous years. 2. Record the entry for depreciation on each of the assets at March 31, 2020. Assume there was no change in residual or useful lives regardless of impairment losses